CA Immo has sold the 25,500-square-meter Visionary office building in the Holesovice district of Prague.
The building claims annualized gross rental income of around EUR 4.3 million, and the occupancy rate is 93% if signed lease contracts with future start dates are included.
“Upon achieving near final occupancy, our business plan for Visionary is completed,” said CA Immo CEO Keegan Viscius. “With this sale, we take advantage of market liquidity to free up capital for alternative allocation options, and monetize future profits where only limited further value creation exists under our business model.”
According to CA Immo, the sale is in line with its long-term investment strategy, in which it is “pursuing a clear focus on large, high-quality Class A office properties in prime inner-city locations.” As part of this strategy, CA Immo, reports, it “is selling properties that do not correspond to the core business in terms of asset class, location, building quality, age, or value creation potential, continuously optimizing the quality and sustainability of the property portfolio. The sales proceeds will then be reinvested in value-enhancing investments, including the further expansion of the prime development pipeline in Berlin, as well as debt repayment, ongoing general corporate purposes, capital repayments to shareholders or, should opportunities arise, selective external acquisitions.”
CBRE acted as commercial advisor and the Dentons law firm acted as legal advisor to CA Immo in the sale process.
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